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THE OPTIONS MARKET LIKES TO BOAST that what you see is what you get. There is even an acronym for it: WYSIWYG (pronounced wizzy-whig).

But this week might actually see a divergence from the certainty that typically defines electronic derivatives markets. Prices will still be good, but trading volumes are likely to be misleading -- and this could trick investors into making mistakes.

Why? Mutual funds with loser stock positions traditionally engage in the semideceptive practice called "window dressing" at the end of each financial quarter. They sell poorly performing stocks and buy well-performing stocks so that when investors review their portfolios they don't see the market-lagging stocks that the fund had held.

So this week investors need to ease up on relying on the options market to point the way forward in the stock market. Window dressing can distort the tape and even exacerbate nagging feelings among investors that they are missing the rally.

Proof of the window-dressing effect:

"Quarter- and month-end window dressing kicked in with a vengeance (Monday), and the stock market benefited handsomely," says Larry McMillan, president of McMillan Analysis, a money-management and trading advisory firm.

The options market will regain its navigational abilities Friday when unemployment data are reported, providing trades and investors with a concrete data point that will be used by bulls and bears in the ongoing debate about the shape of the U.S. economic recovery.

Employment data are critical because so much of the U.S. economy depends on consumer spending. Wednesday's ADP National Employment Report for September will provide a prelude as to how the market may respond on Friday.

Meanwhile, stay focused on implied volatility. If the Chicago Board Options Exchange's Market Volatility Index (VIX) increases, you will know that some investors are quietly hedging their portfolios against the prospect that third-quarter earnings, which start next week, could prove unruly.